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270829 WHITE - GTV CLERK 1 PINK - FINANCE COUIICII { r (]�1� CANARV'- DEPARTMENT � GITY OF SAINT PAUL File NO. �� ` ��'�/'�� 'Y9LUE - MAVOR � - ' Resolution Presented By � Referred To Committee: Date Out of Committee By Date • WHEREAS, The Council has heretofore adopted guidelines for the City' s Rehabilitation Loan and Grant Program for housing, which guidelines have been amended from time to time; and WHEREAS, The Council has considered further amendments, and following hearings upon such amendments, the Council does hereby adopt the following changes thereto; now, therefore, be it RESOLVED, That the Saint Paul Rehabilitation Loan and Grant Program Concept and Guidelines be and the same are hereby amended as set forth below: 3. F�eeg�-as-�e-ee��ae�e-wl�e�e��-�l�e-ees�-�e-ge��e� �l�e-e��g�l��e-��g�e�*ex�e��-we��-}�s-�ess-�l�a�s-��589; All contractors being awarded a contract under a City rehabilitation loan or grant x�.�s� may be required to provide the eligible loan or grant • recipient and the Authority with evidence of a 100n performance bond, in the full amount of such contract, effective for one year beyond the d�.te of completion and ac�eptance by the recipient and the Authority of the work. �Pe-�ke-e��e��-�ega��p , ge��ss�H�e;-�l�ese-He�el}�g-�ee�t��exte��s-�ap-�e �aa��e�T-e�-�ed��ed-}€-�ke-1��ke�}�p-dete�t��es t�a�-�l�e-ee��ae�e�-}s-=l�er�dal��e=-a��-�ka�-s�e� � l�e��.�r�Q-�eq��e�te��s-w��-l�e-x�e�-w��l�}�-��-x�e��e e�-�ke-da�e-e�-�ke-�ea�-e�-g�ar��:--��-ease-e� ee��ae�sT-�ake�e}�-��e-ees�-�e-ge�€e�t-�ke-e��}H�e �x�g�s�ae�e��-we��-�s-l�e�wee�-$�T�98:99-ax�-��zA98.-98= �l�e-e�}g��e-�ea�-e�-Q�a��-�ee}g�e��-x�a�-�ae�a��a�� wa��e-s�ek-�e��.��g-�e��}�extte��s-bg-s}��}�Q-a-wa��e� ag�eex�er��-sgee}��ea��-�.ese��l��r�e�-�l�e-l�er��}�g-g�e- tee��e�e-��a�-a�e-l�e��g-wa}�aed-er�d-s�a�}�sg-��a� COUNCILMEN Requested by Department of: Yeas Nays [n Favor � __ Against BY — v �� Adopted by Council: Date Form Approved by 'ty ttorn Certified Passed by Council Secretary BY By Approved by ;Vlayor: Date Appr v d by Mayor r u ission to Council BY - – — By �NH17E — CITV CLERf( a; �llr\d�(� PINK — FINANCE COUIICII I �(J��( • CANARY — DEPARTMENT G I TY OF SA I NT PAU L `' � '�-/� -�� •�� BLUE — MAVOR File NO. s Council Resolution Presented By Referred To Committee: Date Out of Committee By Date ��e-ag�eex�e��-}s-�e��t�a��*.---P�}e�-�e-�ke e�ee��}e�-e�-��e-wa��re�-ag�ee�e��-l�g-��e �ee}p�e��T-��.e-A��ke��-s�a��-e��a}�-�l�e ee��e��-��e�ee�-�e-�ke-�ee�g�e��.- 6. Final payment cannot be made to a contractor until the eligible loan or grant recipient and the Authority have accepted the completed eligi- ble improvements work in writing. If the con- tractor requests periodic draws on completed eligible improvements work during the period of such work, such draws must be accompanied by appropriate lien waivers concerning the work completed and will be subject to a 10� holdback on the overall eligible improvements work con- tract. ��-�lse-we�l�-ar�d-ee��ae�-�s-ee�e�e�-bp a-�99�-ge��e�a�ee-�e��-ae-dese��bed-}�-ga�a��ap� 3{�}t-e�-w��-�e-s�xb�ee�-�e-a-�9�-ke��ae3�-e�-�Y�e e�re�a��-e�}g}��e-�x;g�e�ex�e��-we�l�-ee��ae�-��-��e we�l�-a�d-ee��ae�-�s-�e�-ee�ae�ed-��-st�el}-a-ge�- �e�ar�ee-�e�d.- FURTHER RESOLVED, That the provisions dealing with the use of bond proceeds contained in said Program Concept and Guidelines be further amended as follows: Use of Bond Proceeds. l. Consistent with the provisions of Minnesota Laws, 1974, Chapter 351, and these guidelines, bond 2. COUNCILMEN Yeas Nay.s Requested by Department of: Butler [n Favor Hozza Hunt Levine __ Against BY Roedler Sylvester Tedesco Form Approved by City Attorney Adopted by Council: Date — Certified Passed by Council Secretaty BY By Approved by Mavor: Date Approved by Mayor for Submission to Council By BY WHITE — CITV CLERK i� //(�� PINK — FINANGE COUIICII ��J�`�� aCANARr— DEPARTMENT GITY OF SAINT PALTL ��6LUE — MAVOR ��'�' File N 0. Council Resolution Presented By Referred To Committee: Date Out of Committee By ' Date proceeds shall be utilized by the Authority to pay the following costs and for the following purposes: a. Interest Differentials. To pay the difference between the interest rates on approved City rehabilitation loans and refinanced indebtedness and the interest rate incurred on monies borrowed or "leveraged" by the Authority and used to make and issue City rehabilitation loans and/or to refinance existing indebtedness, provided, how- ever, that in no event shall the payment of interest difference on any City rehabilitation loan exceed 2 points. b. Default Reserves. To be set aside and used, at a percentage rate not to exceed 6� of the total amount of monies used to make City rehabilitation loans, _and at a level and upon such terms and conditions deterniined, as a result of negotiations with private lenders and the MHFA, by the Authority, with the consent of the Council, to pay for City rehabilitation loans and refinanced indebtedness defaults. c. Administrative Costs and Technical Assistance. To pay, in an amount approved by the City Council, for administrative and technical assistance costs � incurred by the Authority or its agents which are directly related to the development, implementation, • administration and carrying out the City rehabili- tation loan and grant program. -3- COUNCILMEN Requested by Department of: Yeas Butler Nays M� � In Favor Levine (� RO�1e�.' __ Against BY -- sy�veste� Tedesap Form Approved by City Attorney Adopted by Council: Date • Certified Yassed by Council Secretary BY sy Approved by 17ayor: Date _ r4pproved by Mayor for Submission to Council BY - – — BY WHITE - CITV CLERK � PINK - FINANCE G I TY O F SA I NT PA�LT L Council ��Q CANARY - DEPARTMENT ., �BLUE � - MAVOR .�{ �yj , File N . Council Resolution Presented By Referred To Committee: Date Out of Committee By Date d. Rehabilitation Grants. To provide and make a maximum of $150,000 in City rehabilitation grants, consistent with the provisions of Chapter 351. e. Rehabilitation Loans. To provide and make City rehabilitation loans, consistent with the pro- visions of Chapter 351. f. Performance Bond Reserve. To provide a $25,000 reserve to be use to comp ete construction or correct au ty wor w en a contractor e au ts on the construction contract ue to eath, bankruptcy or any other reason beyond the contro o the loan or grant recipient. 2 . Any interest and principal el�a��e�-a�d received under a City rehabi itation oan that is in excess of Authority costs, as regards that loan, may be used by the Authority in making additional City rehabili- tation loans or for any of the purposes specified in (1) above. Notwithstanding any of the above recited guidelines, the following are supplemental guidelines restricted to the Hi11 Concentrated Rehabilitation Area which is defined as: the four blocks bounded by Chatsworth on the west, Victoria on the east, the alley between Selby and Hague on the north, and the alley between Laurel and Ashland on the south. -4- COUNCILMEN Requested by Department of: Yeas Nays � Butler �,� In Favor - Hunt �C�%�-`�-� Levine � __ Against BY — Roedler � S ylvester Tedesco 4 197$ ppR Form Approved by City At orney Adopted _ Council: Date C ified Pass y Counci Secretary BY- , ppR 5� t9T8 Appr v d by Mayor for S ssi to Council Appro��e � :Nayor: Dat By BY pUBUSHED APR '� 5 197� � OM Ol : 12/1975 Rev. : 9/8/76 EXPLANESOLUTIQNS�INDSO DINANCESDERS, ��'�� Date: March 30, 1978 �E �� E� MAr � � 1978 T0: MAYOR GEORGE LATIMER �AA�O� � FR: MR. WILLIAM . PATTON�iC/ �1, �J' Q RE: REVISION OF C�TY-WTDE REHABTLTTATTON LOAN AND GRANT CONCEPT AND GUIDELINES ACTION REQUESTED: Revisions remove the requirement for a performance bond, create a $25,000 contingency default reserve and authorize HRA to use repayment of principal on rehab loans to finance additional laans. Approve for submission to Council on : Tuesday, April 4. PURPOSE AND RATIONALE FOR THIS ACTION: Removal of the requirement for performance bond was approved by the Mayor's Rehab Advisory Comnittee and the HRA Board of Commissioners on July 28, 1977. The use of the principal repayed on loans Mas bee� raised by the auditor. Couneil action is necessary to re-use the funds. ATTACHMENTS: Board Report & Council Resolution